Bitcoin Apology from Standard Chartered: It Found Its Previous BTC Target Low, Listed Its Reasons!

The leading cryptocurrency Bitcoin rose after the US resumed customs tariff talks with China and reached an agreement with the UK.

As Bitcoin approaches the $100,000 mark, bullish expectations for BTC have also increased. While many analysts expect BTC to reach a new ATH in the near future, Standard Chartered said that the $120,000 Bitcoin target may be too low.

Speaking to CNBC, Standard Chartered analyst Geoffrey Kendrick argued that the previous prediction that Bitcoin would reach $120,000 in Q2 may now be too low.

At this point, Kendrick said in a statement today that the $120,000 Bitcoin price prediction is currently “very achievable” and that this estimate may be too low a target.

Kendirick stated that the market narrative is shifting towards strong capital inflows, especially from institutional investors, and that the rise will now be driven by increased institutional interest and inflows into US Spot Bitcoin ETFs:

“I apologize that my Q2 target of $120,000 on Bitcoin may be too low.

The bullish narrative for Bitcoin has changed again. It was correlation with risk assets… Now, with the flight from US assets, it has started to be adopted as a strategic asset again.

“It’s all about flows now. And flows come in many forms.”

*This is not investment advice.

Continue Reading: Bitcoin Apology from Standard Chartered: It Found Its Previous BTC Target Low, Listed Its Reasons!